Core Viewpoint - Zhenjiu Lidu (06979) has seen a stock price increase of over 4%, currently trading at 10.07 HKD, with a transaction volume of 61.3 million HKD, following the announcement of the "Alliance Merchant Rights Payment Plan" aimed at promoting long-term sustainable growth [1][1][1] Group 1 - The "Alliance Merchant Rights Payment Plan" will initially set economic benefits corresponding to no more than 169 million shares, with the board having the authority to increase this based on circumstances [1][1] - As of now, 2,418 customers have signed up to become alliance merchants since the launch of the "Ten Thousand Merchants Alliance Plan" in May [1][1] - The second phase of the "Ten Thousand Merchants Alliance" is set to launch between September and December, with the first grant of the "Alliance Merchant Rights Payment Plan" expected in September [1][1] Group 2 - Zheshang Securities highlights the strategic launch of the major product "Dazhen" in June 2025, which, along with the innovative "Ten Thousand Merchants Alliance" model, could become a new growth driver for the company, with a mid-term target of reaching 6 billion RMB [1][1] - The company is viewed as having turned around from a situation of poor performance, with the "Dazhen product" becoming a phenomenon, leading to expectations of exceeding mid to long-term performance forecasts [1][1]

Core Viewpoint - Zhenjiu Lidu (06979) has seen a stock price increase of over 4%, currently trading at 10.07 HKD with a transaction volume of 61.30 million HKD, following the announcement of the "Alliance Merchant Rights Payment Plan" aimed at promoting long-term sustainable growth [1] Group 1: Company Initiatives - The "Alliance Merchant Rights Payment Plan" is set to allocate economic benefits corresponding to no more than 169 million shares, with the board having the authority to increase this based on circumstances [1] - As of now, 2,418 customers have signed up to become alliance merchants under the "Wanshang Alliance Plan" initiated in May [1] - The second phase of the Wanshang Alliance will commence between September and December, with the first grant of the "Alliance Merchant Rights Payment Plan" expected in September [1] Group 2: Market Analysis - Zheshang Securities (601878) highlights the launch of the strategic flagship product "Dazhen" in June 2025, which, along with the innovative Wanshang Alliance model, is anticipated to become a new growth driver for the company [1] - The mid-term target for "Dazhen" is projected to reach a scale of 6 billion RMB, driven by outstanding team capabilities and three major innovations [1] - The company is viewed as having turned around from a situation of poor performance, with the "Dazhen product" becoming a phenomenon, leading to expectations of exceeding mid-to-long-term performance forecasts [1]

Group 1 - Zhenjiu Lidu has launched a merchant equity payment plan to incentivize qualified merchants, promoting long-term sustainable growth and development [1] - The equity payment plan will source shares from the controlling shareholder's donations and purchases from the secondary market, with a total of up to 169 million shares initially set for donation or purchase [1] - This initiative is expected to optimize channel structure and enhance manufacturer cooperation, potentially leading to a new trend in the liquor industry [1] Group 2 - Shede Liquor has reported significant progress in its internationalization strategy, with overseas retail terminals reaching a total of 1,200 and duty-free stores increasing to 100 globally [2] - The company has expanded its international business to 40 countries and regions, with notable growth in the Southeast Asian market [2] - This expansion is likely to optimize the company's revenue structure and enhance its global brand influence [2] Group 3 - Jinhui Liquor announced that board member Wang Ning has resigned from his position but has been elected as a worker representative director [3] - Wang Ning has extensive experience in sales and management, which may assist in advancing the company's strategic initiatives [3] - The governance structure of the liquor industry is continuously improving, indicating a trend towards enhanced corporate governance [3]

Core Viewpoint - The article highlights the performance of the Hong Kong stock market, with all three major indices declining, while Zhenjiu Lidu (6979.HK) experienced a rise of 3.3% to HKD 9.7 due to the announcement of a new incentive plan aimed at promoting long-term sustainable growth [1] Company Summary - Zhenjiu Lidu announced the adoption of an Alliance Merchant Equity Payment Plan through its wholly-owned subsidiary, Zhenjiu Trading, which is designed to incentivize eligible alliance merchants [1] - The board believes that the implementation of this plan aligns with the best interests of the company and its shareholders [1] - The plan aims to reward eligible alliance merchants for their contributions to expanding the group's distribution network and brand coverage by providing economic benefits linked to shares and share value appreciation [1] - This initiative is intended to align the long-term interests of the alliance merchants with those of the group, further incentivizing and retaining eligible merchants while attracting new ones for the company's long-term success [1]

Group 1 - The core announcement from Zhenjiu Lidu (6979.HK) is the launch of the "Alliance Merchant Equity Payment Plan," which sets an initial economic benefit right corresponding to no more than 169 million shares for the Wan Shang Alliance [1][4] - The company initiated the Wan Shang Alliance plan in May, with 6,414 customers participating in the forum in the first quarter, and currently, 2,418 customers have signed up as alliance merchants [4] - The equity grant period for the "Alliance Merchant Equity Payment Plan" is set for five years, with the board having the discretion to adjust it based on various factors such as procurement scale, compliance records, cooperation duration, and contributions [4][7] Group 2 - The Wan Shang Alliance represents a new business model launched by Zhenjiu Lidu, focusing on deep collaboration between manufacturers and merchants to create a super product, Dazhen Zhenjiu, and to open up a golden sales track in the liquor market [7] - The company aims to establish a short, medium, and long-term revenue system to effectively promote the formation of a community of interests and a community of destiny among manufacturers and merchants [7] - Zhenjiu Lidu plans to launch the second season of the Wan Shang Alliance from September to December [8]

Core Points - The company, Zhenjiu Lid, announced the launch of the "Alliance Merchant Rights Payment Plan" on September 11, aiming to set economic benefits rights corresponding to no more than 169 million shares for its merchant alliance [1] - The board of directors has the authority to increase this number based on circumstances to incentivize qualified alliance merchants, promoting the company's long-term sustainable growth and development [1] - As of now, 2,418 clients have signed up to become alliance merchants since the initiation of the Merchant Alliance Plan in May [1] - The second season of the Merchant Alliance will be launched from September to December, with the first grant of the "Alliance Merchant Rights Payment Plan" expected to occur in September [1]

Core Insights - The 2025 World Wine Industry Development Summit was held in Guiyang, focusing on the opportunities and challenges faced by the industry, aiming to provide new ideas and solutions for the high-quality development of China's liquor industry [1] Company Overview - Zhenjiu was established in 1975 and is located in the core production area of Chinese sauce-flavored liquor in Zunyi. It gained recognition in 1985 from the highest-level liquor industry appraisal committee and won a national quality award in 1988, becoming one of the three major sauce-flavored brands in Guizhou [3] - Zhenjiu has invested over 12 billion yuan in production expansion in recent years. By the 2024 production season, it will have a production capacity of 44,000 tons, with a current storage of high-quality base liquor reaching 120,000 tons, making it one of the top three liquor companies in Guizhou and the largest private liquor enterprise in the region [3] Market Strategy - In response to changes in the current liquor market, Zhenjiu is actively expanding its channels, with 6,414 participants in the Wan Shang Alliance and 2,418 successful customer signings [5] - Zhenjiu emphasizes the importance of integrating Chinese liquor with Chinese culinary culture for international expansion. The company is working on enhancing the competitiveness of Chinese cuisine and the supply chain through the 1912 Zhenjiu Culinary Research Institute in Changsha, aiming to broaden the market boundaries of the liquor industry [5] - The company believes there is still room for improvement in the craftsmanship, cultural expression, and drinking experience of Chinese liquor. Modifying taste and strengthening brand storytelling will help gain wider recognition among international consumers [5]

此次公告显示，该权益支付计划不时授出的单位股份来源有两种方式：控股股东以无偿捐赠方式捐赠的 股份；信托受托人不时于二级市场购买的股份。拟捐赠或购买现有的股份总数初步设定合计不超过1.69 亿股，该限额可由董事会在适当考虑公司需求与市场状况后全权酌情决定予以调高。联盟商权益支付计 划自采纳之日起生效，有效期为五年，期限届满后不得根据联盟权益支付计划进一步授出。 珍酒李渡集团董事长吴向东曾向《每日经济新闻·将进酒》记者表示，他希望企业与联盟商在短、中、 长期均能实现利益协同，"就像茅台为经销商和股民带来的多重回报。"短期靠卖酒获取更高利润，中期 通过持股共享企业权益，长期则借鉴"拉菲模式"，允许联盟商转让经销权，实现权益流通。 按照当前珍酒李渡股价，首批加入万商联盟的加盟商已获得价值约15万元的额外股权奖励。 近期珍酒的大珍万商联盟计划火爆白酒圈，加盟送股票更成为热议焦点。 9月10日晚间，珍酒李渡发布公告称，公司通过全资附属公司珍酒商贸采纳联盟商权益支付计划，旨在 激励合资格联盟商，促进公司长期可持续增长及发展。而这一支付计划，对应的正是大珍万商联盟项 目。据悉，支付股份来源于控股股东捐赠和二级市场购买。 万商 ...

Core Viewpoint - The recent launch of the "Dazhen Wanshang Alliance" by Zhenjiu Liudu has generated significant buzz in the liquor industry, particularly due to its stock incentive plan for franchisees [1][2]. Group 1: Alliance Project Overview - The "Dazhen Wanshang Alliance" project was initiated in May this year, personally overseen by Zhenjiu Liudu Group Chairman Wu Xiangdong, and is designed for the newly launched "Dazhen Zhenjiu" super product [2]. - The first round of 50 "Wanshang Alliance Wealth Creation Forums" has concluded, with a second round set to begin [2]. Group 2: Incentive and Payment Plan - The company has adopted an equity payment plan through its wholly-owned subsidiary, aimed at incentivizing qualified alliance merchants and promoting long-term sustainable growth [1][3]. - The equity payment plan will provide shares sourced from the controlling shareholder's donations and purchases from the secondary market, with a total limit of up to 169 million shares [3]. - The plan is effective for five years, with no further shares to be granted after the term ends [3]. Group 3: Merchant Participation Criteria - The announcement specifies multiple criteria for qualified participants, including performance, adherence to sales processes, duration of cooperation, and contributions to the company's growth [4]. - Recently, the company conducted a special inspection of 84 major alliance merchants, identifying 25 that violated agreements, with 8 facing penalties for serious infractions [4]. Group 4: Long-term Vision - Wu Xiangdong expressed a desire for the company and alliance merchants to achieve mutual benefits in the short, medium, and long term, similar to the returns experienced by Moutai's distributors and shareholders [3].

Core Viewpoint - The Chinese liquor industry is experiencing a significant divergence, with leading companies showing growth while others, like Zhenjiu Lidu, face substantial declines in revenue and profit [2][4][5]. Group 1: Financial Performance of Liquor Companies - In the first half of 2025, 22 listed liquor companies reported a total revenue of approximately 242.4 billion yuan and a net profit of about 95.1 billion yuan [4]. - Six companies, including Kweichow Moutai and Wuliangye, achieved both revenue and net profit growth, with Kweichow Moutai reporting revenue of 89.389 billion yuan, up 9.1%, and net profit of 45.403 billion yuan, up 8.9% [2]. - Conversely, Zhenjiu Lidu saw a significant decline, with revenue dropping to 2.497 billion yuan, down 39.6%, and adjusted net profit falling to 613 million yuan, down 39.3% [2][6]. Group 2: Industry Challenges - The liquor industry is undergoing a deep adjustment period characterized by high channel inventory, leading companies to adopt inventory control and price stabilization strategies [3]. - Macro-economic pressures and limited consumption scenarios have reduced consumer purchasing willingness, with liquor sales dropping 15% year-on-year during the 2025 Spring Festival, and mid-to-high-end sales declining by 20% [3]. - Intense competition and price wars among companies, particularly among smaller enterprises, are compressing profit margins and reducing overall profitability in the industry [3][5]. Group 3: Zhenjiu Lidu's Struggles - Zhenjiu Lidu is facing severe challenges, including excessive inventory turnover days at 855, far exceeding the healthy range of 450-700 days [6]. - The company relies heavily on its Zhenjiu brand, with other brands contributing minimally to revenue, and has seen a consistent decline in core product sales over the past four years [6][7]. - The decline in sales reflects weakened product competitiveness and shrinking consumption scenarios, with the company struggling to adapt its product structure and marketing strategies [7]. Group 4: Strategic Responses - Zhenjiu Lidu is attempting to navigate its challenges by launching new products, such as the "Da Zhen·Zhenjiu," priced at 600 yuan, targeting middle-class families and small business owners [8]. - The company is also implementing a "Ten Thousand Merchants Alliance" strategy to expand its dealer network and create a broad channel ecosystem [8]. - Additionally, Zhenjiu Lidu is entering the craft beer market with its "Niu Shi" brand, seeking to establish a second growth curve amid the liquor industry's stagnation [9][10]. Group 5: Market Entry Challenges - The craft beer market is highly competitive, dominated by established players like China Resources and Budweiser, posing significant challenges for new entrants like Zhenjiu Lidu [11]. - Transitioning from liquor to beer requires Zhenjiu Lidu to reconfigure its sales channels, as beer distribution is more diverse and includes restaurants and bars, unlike the traditional liquor sales model [12]. - While seeking new growth avenues is a reasonable strategy, the differences in product, channel, and consumer demographics between liquor and beer present substantial hurdles for successful cross-industry expansion [12].